LukeSouthwell

BTC bull, bear or middle of nowhere

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Chart speaks for itself. BTC             getting pressure from both sides and we are getting to the area where some critical crossovers are coming into play. So much going on, kinda walking the random walk and bouncing off whatever indicator it meets at any given time.
Comment: The last bullish support level is almost upon us. Reversing in the blue box I believe is the last opportunity BTC has to prevent a bear market. If we drop below that blue line I don't see the price recovering to previous highs for a long time. The 200 day may act as support but it will start to curl under and we then enter a bearish cycle with lower highs and lower lows potentially taking us back down to $1300 (Yes, seriously) over the next few years. I don't want to FUD but that is the reality of the market if this goes bearish. BTC has been bullish since 2015 and at some point it will have to go into a serious bear market. Any support level below $8600 now will simply act as relief and a trading opportunity to accumulate more. We cannot reverse and continue bullish momentum onto new highs once a parabolic advance is broken and a down trend is confirmed.
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